Asset Maintenance

Chapter 3

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Changing Asset Details

You can change descriptive information for an asset at any time. Changing
asset descriptive information other than category and units has no financial
impact on the asset.

Reclassifying Assets
Reclassify assets to update information, correct data entry errors, or when
consolidating categories. You cannot reclassify fully retired assets.
Note: When you reclassify an asset in a period after the period
you entered it, Oracle Assets creates journal entries to transfer
the cost and accumulated depreciation to the asset cost and
accumulated depreciation accounts of the new asset category.
This occurs when you create journal entries for your general
ledger.
To reclassify an asset to another category:
Step 1. Navigate to the Find Assets window.
NAssetsAsset Workbench
Step 2. Find the asset you want to reclassify.
Step 3. Choose Open.
Step 4. Enter the new category.

Step 5. Save your changes.

Attention: Reclassification does not redefault the depreciation
rules to the default rules from the new category. Manually

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change the depreciation rules in the Books or Mass Change

windows if necessary.

Reclassifying a Group of Assets

You can reclassify a group of assets using the Mass Reclassifications
window.
To reclassify a group of assets:
Step 1. Navigate to the Mass Reclassifications window.
NMass TransactionsReclassifications
Step 2. Select the corporate book.
Step 3. In the Assets to Reclass section, enter the assets you wish to
reclassify.
You may choose the assets to reclassify in a number of ways
including by an entire category, specific asset numbers, assets
with specific locations or expense accounts.
You may also specify any combination of parameters.
Step 4. In the Reclass section, choose the category to which you want to
transfer the assets.
Step 5. Select the Inherit Depreciation Rules of New Category.
This will update the transferred assets with the depreciation
method and life of the new category.
Step 6. Save.
Step 7. Note the assigned mass transaction number.
Step 8. Choose the Preview button to run the Mass Reclassification
Report.
Step 9. Choose ViewRequests to review the report, which will contain
details of assets that will be transferred.
Step 10. Navigate to Mass Reclassifications window.
Step 11. Query the assigned mass transaction number.
Step 12. Choose Run to submit the Mass Reclassification concurrent
process.

Adjusting Units for an Asset

To adjust the number of units for an asset:
Step 1. Navigate to the Find Assets window.
NAssetsAsset Workbench
Step 2. Find the asset whose units you want to adjust.
Step 3. Choose Open.
Step 4. Change the number of Units.

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Step 5. In the Assignment window Oracle will inform you of the number
of Units to Assign. Enter the adjustment in the Unit Change column of the
line you wish to change.

Unit Change
Column

Units to
Assign

Step 6. Choose Done to save your work.

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Changing Financial and Depreciation

Information

Before running depreciation (in the period in which you added the
asset), you can change any field on an asset.
After you have run depreciation (in any period after the one in which
you added the asset), you can change asset cost, salvage value, prorate
convention, depreciation method, life, unit of measure, rate, bonus rule,
depreciation ceiling, and revaluation ceiling.
If the asset is fully reserved, you can adjust the same fields as for an
asset for which you have run depreciation. If the asset is fully retired,
you cannot change any fields.
You can also override depreciation information for an asset while
adding it using the Detail Additions process. See: Asset Setup Process
(Additions).

Changing Financial Information for a Single Asset

To change financial information for a single asset:
Step 1. Navigate to the Find Assets window.
NAssetsAsset Workbench
Step 2. Find the asset for which you want to change financial information.
Step 3. Choose Books.
Step 4. Choose the Book to which the asset belongs.
Step 5. Click in the Current Cost field to display information.
Step 6. Choose whether to Amortize Adjustment or expense it in the
current period.
Step 7. Enter the new financial information for the asset.

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Step 8. Choose Done to save your work.

Changing Financial Information for a Group of Assets (Mass

Change)
To change financial information for a GROUP of assets
Step 1. Navigate to the Mass Changes window.
NMass TransactionsChanges
Step 2. Select the Book to which the assets belong.
Step 3. In the Assets to Change section.
Specify the asset numbers, dates placed in service, and category
for which the Mass Change applies.
Step 4. In the Before section, enter selection criteria for the data you wish
to change (for example, choose the existing prorate convention).
Step 5. In the After section, enter the new information for this asset.
Step 6. Repeat these steps for each type of change.
Note: To change life, you must select the depreciation method
first.
Step 7. Save.
Step 8. Note the assigned mass transaction number.
Step 9. Choose the Preview button to run the Mass Changed Preview
Report.
Step 10. Choose View-Requests to review the report, which will contain
details of assets, which will be changed.
Step 11. Navigate to Mass Transactions-Changes.
Step 12. Query the assigned mass transaction number.
Step 13. Choose Run to submit the Mass Change concurrent process.

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Transferring Assets
Transferring a Single Asset
You can transfer assets between employees, depreciation expense accounts,
and locations. When transferring assets, you should consider the following:
You can change the transfer date to a date in a prior period for a
particular transfer, but the transfer must occur within the
current fiscal year.
You can change the transfer date of an asset to a prior period
only once per asset.
You cannot transfer an asset to a future period.
You cannot transfer an asset after its normal life is completed.
To transfer an asset between employees, expense accounts, and
locations:
Step 1. Navigate to the Find Assets window.
NAssetsAsset Workbench
Step 2. Find the asset you want to transfer.
Step 3. Choose Assignments.
Step 4. Optionally update the Transfer Date.
Note: If you transfer an asset during the period in which it was
added, the Transfer Date automatically defaults to the assets
date placed in service and you cannot change it.
Step 5. In the Units Change field, enter a negative number for the
assignment line from which you want to transfer the asset.
Step 6. Create one or more new lines, entering a positive number in the
Units Change field for the assignment lines to which you want to transfer
the asset.
Step 7. Enter the new Employee Name, Expense Account, and/or
Location for the new distribution.

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Step 8. Choose Done to save your changes.

Transferring a Group of Assets

Oracle Assets allows you to transfer multiple assets with one transaction.
To transfer a GROUP of assets between employees, expense accounts,
and locations:
Step 1. Navigate to the Mass Transfers window.
NMass TransactionsTransfers
Step 2. Choose the corporate depreciation Book for the assets you want
to transfer.
Step 3. Optionally update the Transfer Date.
You can change the transfer date to a prior period date. You
cannot change the date to a future period date.
Step 4. Enter one or more selection criteria for the mass transfer in the
Transfer From and Transfer To fields.

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Step 5. Save
Step 6. Note the assigned mass transaction number.
Step 7. Choose the Preview button to run the Mass Transfers Preview
Report.
Step 8. Choose View-Requests to review the report, which will contain
details of assets, which will be transferred.
Step 9. Navigate to Mass Transactions-Transfers
Step 10. Query the assigned mass transaction number.
Step 11. Choose Run to submit the Mass Transfer concurrent process.

Transferring Invoice Lines Between Assets

Step 1. Navigate to the Find Assets window.
NAssetsAsset Workbench
Step 2. Find the asset whose invoice information you want to change.
Step 3. Choose Source Lines.
Step 4. Choose the line(s) you want to transfer.
To transfer the entire amount, check the check box to the left of
the source line. Otherwise, enter a partial amount.
Step 5. Choose Transfer To.
Step 6. In the Transfer To window, query the destination asset to which
you want to transfer the line.
Step 7. Save your work.

Changing Invoice Information for an Asset

If you brought over mass addition lines from invoices in
your payables system, use the Source Lines window to
change invoice information for an asset. You can:
Add a new invoice line to an asset
Change the cost of a invoice line

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Delete an invoice line from an asset

Transfer invoice lines between assets

To change invoice information for an asset

Step 1. Navigate to the Find Assets window.
NAssetsAsset Workbench
Step 2. Find the asset whose invoice information you want to change.
Step 3. Choose Source Lines.
Enter a description and cost to manually add a new invoice line
to the asset.
Change the cost of a line for a CIP asset if necessary.
To delete an invoice line, uncheck Active.
Step 4. Save your changes.

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Placing ConstructionInProcess (CIP) Assets

in Service
Capitalize finished assets that are ready to be placed in
service. You can capitalize a single asset or a group of
assets in a transaction. If you erroneously capitalize a CIP
asset, you can reverse the capitalization.
To capitalize a CIP asset:
Step 1. Navigate to the Capitalize CIP Assets window.
NAssetsCapitalize CIP Assets
Step 2. Find assets with asset type CIP.
Step 3. Enter the date you placed the asset in service.
Oracle Assets uses this date to begin calculating depreciation for
the assets you are placing in service.
Step 4. Choose the CIP asset(s) you want to capitalize.
From the menu bar, choose ToolsCheck All if you want to
capitalize all the assets in the Capitalize CIP Assets window.
Step 5. Choose Capitalize.
To reverse capitalize an asset:
Attention: You can reverse capitalize an asset only in the period you
capitalized it, and only if you did not perform any transactions on it.
Step 1. Navigate to the Capitalize CIP Assets window.
NAssetsCapitalize CIP Assets
Step 2. Query assets with type Capitalized.
Step 3. Choose the asset(s) you want to reverse capitalize.
From the menu bar choose ToolsCheck All to reverse
capitalize all the assets in the Capitalize CIP Assets window.
4. Choose Reverse.

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Physical Inventory
The Physical Inventory feature in Oracle Assets assists you in comparing
and reconciling your physical inventory data. To use the Physical Inventory
feature, you must first take physical inventory of your assets.
You need to include the following information about your assets:

A unique identifier, which can be either the asset number, tag

number, or serial number
The location
The number of units

When you finish entering physical inventory data into Oracle Assets, you
run the Physical Inventory comparison program, which highlights the
differences between the asset information in Oracle Assets and the actual
assets in physical inventory. This program compares your physical
inventory data with your Oracle Assets data for all assets that have the In
Physical Inventory check box checked.
To gather and reconcile physical inventory information:
Step 1. Take physical inventory of your assets by using a barcode scanner
(if your assets are set up with barcodes) or by manually noting the location,
number of units, and a unique identifier.
Step 2. Navigate to the Physical Inventory window.
NPhysical InventoryEnter
Step 3. Enter the inventory name and the start date.
Entering an end date indicates that the physical inventory is
complete, so you should not enter an end date until you have
completed all physical inventory tasks.
Step 4. Save your changes.
Step 5. Load the physical inventory data into Oracle Assets using the
Physical Inventory window, the Record Physical Inventory process in ADI.
Step 6. Run the Physical Inventory Comparison program.
NPhysical InventoryComparisonRun Comparison
Step 7. Run the Physical Inventory Comparison Report or review the
results online using the Find Physical Inventory Comparison window.
Step 8. Analyze the report results.
Step 9. Change Oracle Assets data to reconcile with the physical inventory
data and ensure you have accounted for all assets.
Step 10. Run the Missing Assets Report.
Step 11. Purge the physical inventory data.

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Reconciliation
After you finish running physical inventory and generating reports, you
need to reconcile your physical inventory data with your Oracle Assets
data.
To reconcile your physical inventory with stored asset information:
Step 1. Analyze your reports to determine the assets that need to be
reconciled.
Step 2. Obtain proper approval to change assets that need to be
reconciled.
Step 3. Change the asset information by using the Asset Workbench or the
Mass Change window.

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Scheduling Asset Maintenance

You can schedule repair and service events for your longterm capital
assets, to help ensure you maintain your longterm assets in a timely
manner.
To schedule asset maintenance:
Step 1. Navigate to the Schedule Maintenance Events window.
NAssetsMaintenanceSchedule Events
Step 2. Enter the Start Date and End Date.
Step 3. Enter the depreciation book containing the assets for which
maintenance will be scheduled.
Step 4. Optionally enter additional selection criteria, such as asset
numbers, date placed in service, and category.
Step 5. Enter event information, such as the Event name and Description
of the event.
Step 6. Enter either Frequency In Days or Date.

Step 6. Choose Run to schedule maintenance events.

To view maintenance schedules:
Step 1. Navigate to the Maintenance Details window.
NAssetsMaintenanceView Details

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Step 2. Query the asset for the maintenance event you want to view.
Step 3. Optionally enter changes.
Step 4. Save your work.

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